Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 17, platinum and palladium prices rebounded. The PT2606 contract closed up 4.27% to 552.7 yuan/gram, and the PD2606 contract closed up 2.3% to 407.75 yuan/gram. Macroscopically, the US Treasury Secretary's remarks to soothe the market and the slowdown of the upward trends of oil prices and the US dollar boosted the precious metal prices. However, the US - Iran conflict shows no sign of resolution, oil prices remain high, and the expectation of interest rate cuts continues to weaken, which may continue to suppress the upward space of precious metal prices. Fundamentally, WPIC expects the global platinum market to have a supply shortage for the fourth consecutive year, and the imbalance between supply and demand may support the platinum price, but the narrowing gap in 2026 and the possible surplus in the global palladium market may limit the upward space of prices. In the short term, platinum and palladium are expected to maintain a range - bound trend. After the Middle East geopolitical situation becomes clear, one can choose to go long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [3] Group 3: Summary by Relevant Catalogs Price Information - **Domestic Prices**: The closing price of platinum futures main contract is 552.7 yuan/gram, up 3.73% from the previous value; the spot price of platinum (99.95%) is 552 yuan/gram, up 6.36%. The basis of platinum (spot - futures) is - 0.7 yuan/gram, a change of - 94.93%. The closing price of palladium futures main contract is 407.75 yuan/gram, up 2.31%; the spot price of palladium (99.95%) is 408 yuan/gram, up 3.42%. The basis of palladium (spot - futures) is 0.25 yuan/gram, a change of - 106.17% [3] - **International Prices**: The London spot platinum price is 2131.1 US dollars/ounce, up 3.61%; the London spot palladium price is 1601.571 US dollars/ounce, up 1.74%. The NYMEX platinum price is 2121.9 US dollars/ounce, up 3.69%; the NYMEX palladium price is 1613.5 US dollars/ounce, up 2.54% [3] - **Exchange Rate and Spread**: The US dollar/Chinese yuan central parity rate is 6.8961, down 0.14%. The spread between domestic platinum and London platinum is 18.78 yuan/gram, up 11.94%; the spread between domestic platinum and NYMEX platinum is 21.08 yuan/gram, up 8.62%. The spread between domestic palladium and London palladium is 6.50 yuan/gram, up 80.54%; the spread between domestic palladium and NYMEX palladium is 3.51 yuan/gram, down 7.21% [3] - **Price Ratio**: The ratio of Guangzhou Futures Exchange platinum to palladium is 1.3555, with a change of 0.0186; the ratio of London spot platinum to palladium is 1.3306, with a change of 0.0241 [3] Inventory and Position Information - **Inventory**: The NYMEX platinum inventory is 200,716 ounces, with no change; the NYMEX palladium inventory is 582,441 ounces, with no change [3] - **Position**: The total NYMEX platinum position is 68,758, down 1.99%; the non - commercial net long position of NYMEX platinum is 14,690, up 6.20%. The total NYMEX palladium position is 15,679, down 2.57%; the non - commercial net long position of NYMEX palladium is - 156, down 196.89% [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - On March 13, platinum and palladium prices continued to decline. The PT2606 contract closed down 3.72% to 541.6 yuan/gram, and the PD2606 contract closed down 2.43% to 408.1 yuan/gram. The geopolitical conflict between the US and Iran shows no sign of easing, with high oil prices and weakening interest - rate cut expectations, which strengthen the US dollar index and suppress platinum and palladium prices. The global platinum market is expected to face a supply shortage for the fourth consecutive year, providing support for platinum prices, but the suspension in late 2026 and potential palladium market surplus may limit the upside. In the short - term, platinum and palladium are likely to maintain a volatile and downward trend. After the Middle East geopolitical situation becomes clear, investors can consider going long on platinum at low prices or continue to hold the [long platinum, short palladium] strategy [6] 3. Summary by Relevant Catalogs Price Data - **Domestic Prices (yuan/gram)**: Platinum futures主力收盘价 dropped 4.08% to 541.6 from 564.65; spot platinum (99.95%) fell 0.91% to 544 from 549; platinum basis (spot - futures) decreased 115.34% to 2.4 from - 15.65. Palladium futures主力收盘价 declined 2.04% to 408.1 from 416.6; spot palladium (99.95%) remained unchanged at 411; palladium basis (spot - futures) decreased 151.79% to 2.9 from - 5.6 [4] - **International Prices (15:00, dollars/ounce)**: London spot platinum dropped 3.27% to 2100.3 from 2171.358; London spot palladium fell 2.41% to 1609.499 from 1649.252; NYMEX platinum decreased 3.47% to 2094.6 from 2170; NYMEX palladium declined 1.93% to 1625.5 from 1657.5 [4] - **Internal - External 15:00 Spread (yuan/gram)**: The spread of domestic platinum - London platinum decreased 27.17% to 15.05 from 20.66; the spread of domestic platinum - NYMEX platinum decreased 21.55% to 16.47 from 21.00; the spread of domestic palladium - London palladium decreased 34.54% to 3.41 from 4.59; the spread of domestic palladium - NYMEX palladium decreased 56.94% to 0.58 from 1.35 [4][5] - **Price Ratios**: The ratio of Guangzhou Futures Exchange platinum to palladium decreased to 1.3271 from 1.3554; the ratio of London spot platinum to palladium decreased to 1.3049 from 1.3166 [5] Inventory and Position Data - **Inventory (troy ounces)**: NYMEX platinum inventory remained unchanged at 204,678; NYMEX palladium inventory remained unchanged at 582,441 [5] - **Position**: NYMEX total platinum position decreased 1.99% to 68,758 from 70,154; NYMEX non - commercial net long position of platinum increased 6.20% to 13,832 from 14,690; NYMEX total palladium position decreased 2.57% to 15,679 from 16,093; NYMEX non - commercial net long position of palladium decreased 196.89% to 161 from - 156 [5]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On March 12, platinum and palladium prices generally oscillated downward. The PT2606 contract closed down 0.94% to 564.65 yuan/gram, and the PD2606 contract closed down 2.08% to 416.6 yuan/gram. Although multiple parties have jointly signaled a cooling of the conflict and introduced possible measures to stabilize oil prices, the issue of the Hormuz Strait remains unresolved, and oil prices are running at a high level. Therefore, short - term oil price fluctuations will continue to affect the price trends of platinum and palladium. Fundamentally, the WPIC expects the global platinum market to experience a supply shortage for the fourth consecutive year. The imbalance in the supply - demand structure may continue to provide support for the downside of platinum prices, but the narrowing gap in 2026 may limit its upward price space. The global palladium market may still have a surplus, with a weaker fundamental situation than platinum, and its overall performance may continue to be weaker than platinum. In summary, in the short term, platinum and palladium are likely to maintain an oscillating trend. After the geopolitical situation in the Middle East becomes clear, one can choose the opportunity to go long on platinum at a low price, or continue to hold the "long platinum, short palladium" strategy [3] 3. Summary According to Relevant Catalogs 3.1 Domestic Prices (yuan/gram) - Platinum futures main contract closing price: 564.65, previous value 565.55, down 0.16% [3] - Platinum (99.95%) spot price: 549, down 1.52% [3] - Platinum basis (spot - futures): - 15.65, previous value - 8.05, up 94.41% [3] - Palladium futures main contract closing price: 416.6, previous value 424.25, down 1.80% [3] - Palladium (99.95%) spot price: 411, previous value 420, down 2.14% [3] - Palladium basis (spot - futures): - 5.6, previous value - 4.25, up 31.76% [3] 3.2 International Prices (15:00, dollars/ounce) - London spot platinum: 2171.358, previous value 2192.154, down 0.95% [3] - London spot palladium: 1649.252, previous value 1666.179, down 1.02% [3] - NYMEX platinum: 2170, previous value 2188.5, down 0.85% [3] - NYMEX palladium: 1657.5, previous value 1683, down 1.52% [3] 3.3 Internal - External 15:00 Spread (yuan/gram,含税) - Dollar/yuan central parity rate: 6.8959, previous value 6.8917, up 0.06% [3] - Guangzhou platinum - London platinum: 20.66, previous value 16.68, up 23.83% [3] - Guangzhou platinum - NYMEX platinum: 21.00, previous value 17.60, up 19.32% [3] - Guangzhou palladium - London palladium: 3.41, previous value 7.08, down 51.77% [3] - Guangzhou palladium - NYMEX palladium: 1.35, previous value 2.86, down 53.00% [3] 3.4 Platinum - Palladium Price Ratio - Guangzhou Futures Exchange platinum/palladium price ratio: 1.3554, previous value 1.3331, change 0.0223 [3] - London spot platinum/palladium price ratio: 1.3166, previous value 1.3157, change 0.0009 [3] 3.5 Inventory (ounce) - NYMEX platinum inventory: 204678, no change [3] - NYMEX palladium inventory: 582441, no change [3] 3.6 Position - NYMEX total platinum position: 70154, previous value 72351, down 3.04% [3] - NYMEX non - commercial net long platinum position: 13832, previous value 13240, up 4.47% [3] - NYMEX total palladium position: 16093, previous value 16423, down 2.01% [3] - NYMEX non - commercial net long palladium position: 161, previous value 664, down 75.75% [3]

Core Viewpoint - The prices of gold, silver, platinum, and palladium have significantly increased due to geopolitical tensions driving investors towards safe-haven assets [1] Group 1: Precious Metals Price Movements - Spot gold prices surged to a high of $5,190 per ounce, increasing by over 1% [1] - Spot silver also rose, stabilizing at $88 per ounce with an increase of over 1.8% [1] - Platinum prices reached a peak of $2,231 per ounce, marking an increase of over 2.7% [1] - Palladium saw an increase of over 1% [1] - In the futures market, COMEX gold and silver exhibited notable gains, while NYMEX platinum and palladium also experienced upward movements [1] Group 2: Geopolitical Influences - The U.S. Treasury Department's Office of Foreign Assets Control added four individuals and three entities to the "Specially Designated Nationals" list under sanctions related to Russia and the UAE [1] - Market participants are closely monitoring the upcoming U.S. President Trump's State of the Union address, which is expected to cover key topics such as fiscal policy, trade tariffs, and international relations, potentially providing further market guidance [1] Group 3: Physical Gold Jewelry Prices - As of the report, the price of 24K gold jewelry from Chow Tai Fook is priced at 1,570 RMB per gram, while Chow Sang Sang is at 1,564 RMB per gram, and Lao Miao Gold is at 1,595 RMB per gram, all remaining at recent high levels [1]

Core Viewpoint - International gold and silver prices have surged, with spot gold breaking through $5,190 per ounce, reflecting a rise of over 1% [1][12]. Group 1: Gold Market - Spot gold reached a peak of $5,190.033 per ounce, marking an increase of $51.840 or 1.01% from the previous close of $5,132.010 [2][13]. - The trading volume for gold was reported at 0.00 kg, indicating no current positions held [2]. - The price fluctuation for gold included a low of $5,120.409 during the trading session [2]. Group 2: Silver Market - Spot silver also experienced a significant rise, stabilizing at $88 per ounce, with an intraday increase exceeding 1.8% [2][14]. - The highest price for silver during the session was $88.694, with a closing increase of $1.402 or 1.61% from the previous close of $87.088 [3][14]. Group 3: Platinum and Palladium Market - Platinum prices surged, reaching a high of $2,231 per ounce, reflecting an increase of over 2.7% [4][15]. - The opening price for platinum was $2,221.50, with a closing increase of $51.00 or 2.35% from the previous close of $2,170.50 [4][15]. - Palladium also saw a rise of over 1% during the trading session [4]. Group 4: Market Influences - Geopolitical tensions are driving investors towards safe-haven assets, with recent sanctions imposed by the U.S. Treasury on individuals and entities linked to Russia and the UAE [5][16]. - The potential increase in global tariff rates to 15% is also contributing to the bullish sentiment in the precious metals market [6][17]. - A report from DBS Bank indicates that speculative funds are actively flowing into the precious metals market due to ongoing macroeconomic risks and geopolitical uncertainties [7][18]. Group 5: Physical Gold Jewelry Prices - As of the latest report, the price of gold jewelry is at a high, with Chow Tai Fook's gold jewelry priced at 1,570 RMB per gram, and Lao Miao's gold at 1,595 RMB per gram [8][19]. - Several gold brands are expected to increase prices, with Chow Tai Fook planning a price hike of 15% to 30% on certain products after the Spring Festival [10][21].

Core Viewpoint - The precious metals market is experiencing significant declines, with gold and silver prices dropping sharply due to panic selling and market reactions to recent events [1][5]. Group 1: Precious Metals Price Movements - Spot gold fell below $4,700, reaching a low of $4,696.01 per ounce, with a daily decline of over 3% [2]. - Spot silver dropped below $79, hitting a low of $78.495 per ounce, with a daily decline of 7% [2]. - The current price of spot gold is reported at $4,719.818 per ounce, while spot silver is at $79.357 per ounce [2]. Group 2: Market Analysis and Factors - A significant sell-off in the precious metals market is attributed to a "gamma squeeze," where traders holding short options positions are forced to buy futures to balance their portfolios as prices fluctuate [6]. - The Chicago Mercantile Exchange (CME) announced an increase in margin requirements for gold and silver futures, effective after Monday's close, raising margins for non-high-risk accounts for gold from 6% to 8% and for silver from 11% to 15% [8]. - The recent volatility in precious metals prices coincided with a substantial increase in the US dollar, which saw its largest single-day gain since May of the previous year, influenced by political developments [8]. Group 3: Upcoming Market Events - The market anticipates key events this week, including interest rate decisions from the European Central Bank, the Bank of England, and the Reserve Bank of Australia, as well as the US non-farm payroll report and numerous corporate earnings releases [9].

Report Overview - The report is a daily data report on platinum and palladium by the Research Institute of Guomao Futures, focusing on price, inventory, and market analysis [2][3] 1. Price Information Domestic Prices - Platinum futures main contract closing price: 633.85 yuan/g, up 0.85% from the previous value [4] - Platinum (99.95%) spot price: 618.5 yuan/g, down 0.56% [4] - Platinum basis (spot - futures): -15.35 yuan/g, up 136.15% [4] - Lithium futures main contract closing price: 483.75 yuan/g, down 0.42% [4] - Lithium (99.95%) spot price: 464.5 yuan/g, down 1.59% [4] - Lithium basis (spot - futures): -19.25 yuan/g, up 39.49% [4] International Prices - London spot platinum: 2468.754 dollars/ounce, up 1.39% [4] - London spot palladium: 1853.585 dollars/ounce, up 0.10% [4] - NYMEX platinum: 2468.9 dollars/ounce, up 1.27% [4] - NYMEX palladium: 1883.5 dollars/ounce, down 0.32% [4] Exchange Rate and Price Differences - Dollar/CNY central parity rate: 7.0019, up 0.01% [4] - Difference between Guangzhou platinum and London platinum: 5.85 yuan/g, down 36.16% [4] - Difference between Guangzhou platinum and NYMEX platinum: 5.81 yuan/g, down 30.76% [4] - Difference between Guangzhou lithium and London palladium: 12.23 yuan/g, down 17.26% [5] - Difference between Guangzhou lithium and NYMEX palladium: 4.62 yuan/g, down 10.77% [5] 2. Ratio and Inventory Information Price Ratios - Guangzhou Futures Exchange platinum/palladium ratio: 1.3103, up 0.0165 [5] - London spot platinum/palladium ratio: 1.3319, up 0.0170 [5] Inventory - NYMEX platinum inventory: 675,766 ounces, up 1.71% [5] - NYMEX palladium inventory: 216,266 ounces, down 0.18% [5] Position - NYMEX total platinum position: 78,337, down 0.90% [5] - NYMEX non - commercial net long position of platinum: 18,110, down 2.85% [5] - NYMEX total palladium position: 19,483, up 0.69% [5] - NYMEX non - commercial net long position of palladium: 579, up 111.57% [5] 3. Market Analysis and Strategy Market Analysis - On January 22, platinum and palladium opened lower and then rebounded, narrowing the decline. The PT2606 contract fell 0.92% to 63.85 yuan/g, and the PD2606 contract fell 1.9% to 483.75 yuan/g [6] - At the macro level, the Greenland crisis has eased, weakening market risk - aversion sentiment, which once suppressed platinum and palladium prices. However, due to high market uncertainty and weak US bond yields, there is still support for platinum and palladium prices [6] - Fundamentally, the US has decided to postpone imposing import tariffs on key minerals, alleviating the tariff risk for platinum and palladium. If the tariff risk decreases in the future, platinum and palladium inventories may shift from the US to non - US regions, which may ease the tight spot situation and suppress the upward space of platinum and palladium prices in the short term [6] Strategy - In the short term, platinum and palladium are expected to maintain a wide - range oscillation pattern. Attention should be paid to changes in New York inventories [6] - In the long term, with a supply - demand gap for platinum and a relatively loose supply for palladium, the strategy can be to unilaterally allocate platinum at low prices or choose the [long platinum, short palladium] arbitrage strategy [6]

Market Overview - The U.S. stock market opened slightly higher but turned to decline, with the Dow Jones down by 117.32 points (-0.24%), Nasdaq down by 40.22 points (-0.17%), and S&P 500 down by 12.48 points (-0.18%) [2] - Major tech stocks showed poor performance, with most of the "Big Seven" tech companies in the U.S. experiencing declines [2] Tech Stocks Performance - Nvidia opened high but saw its gains diminish, while other tech giants like Tesla, Google, Apple, Microsoft, Amazon, and Meta Platforms also recorded slight declines [3] - The Nasdaq Golden Dragon China Index saw a decline of over 1%, with notable drops in companies like Li Auto (-8.2%), Xpeng (-5.9%), and NIO (-4.9%) [3] Precious Metals and Commodities - Precious metals experienced a significant drop, with platinum down by 7.87% and silver down by 6.46% as of the latest reports [4][5] - Gold prices showed a slight increase of 0.03%, while crude oil futures saw a minor rise [4] Wealth Increase Among Billionaires - The wealth of the world's top 500 billionaires surged by a record $2.2 trillion in 2025, with a significant portion attributed to just eight individuals, including Elon Musk and Jeff Bezos [6] Federal Reserve's Monetary Policy - The Federal Reserve's recent meeting minutes indicated a lack of consensus on interest rate cuts, suggesting potential future easing that could benefit the stock market [8] - Analysts predict that the Fed may have room for further rate cuts, which could positively impact small and mid-cap companies [8]

Core Viewpoint - The international precious metals market experienced significant declines, with various metals such as silver, platinum, and palladium seeing sharp drops in prices [1][5]. Group 1: Market Performance - On December 29, precious metals faced a severe downturn, with COMEX gold futures dropping by 4.45%, COMEX silver futures plummeting by 7.2%, spot gold falling over 4%, spot silver crashing over 9%, spot palladium declining over 15%, and spot platinum decreasing over 14% [5]. - The following day, December 30, the market saw a general rebound, with COMEX gold futures rising by 0.2%, spot gold increasing by 0.17%, COMEX silver futures gaining 7.88%, spot silver up by 5.66%, and NYMEX platinum futures rising by 4% [5]. Group 2: Future Outlook - UBS warned that the rapid increase in precious metal prices is largely due to insufficient market liquidity, indicating a potential for a swift decline [5]. - Analysts from Capital Economics stated that the current prices of precious metals have risen to levels that are difficult to justify based on fundamentals, predicting that silver prices may drop to around $42 per ounce by the end of next year [5]. - Huolong Futures noted that silver is currently outperforming gold, with greater short-term volatility and amplitude. They cautioned that the ongoing bullish trend in silver may be entering a "frenzy stage," advising ordinary investors against hasty participation [5].

Core Viewpoint - The international precious metals market experienced a significant decline, with various metals such as silver, platinum, and palladium seeing substantial drops in prices [1][2]. Price Movements - On December 29, precious metals faced a sharp decline, with COMEX gold futures dropping by 4.45%, COMEX silver futures plummeting by 7.2%, spot gold falling over 4%, spot silver dropping over 9%, spot palladium declining over 15%, and spot platinum decreasing over 14% [9]. - The following day, December 30, the market saw a general rebound, with COMEX gold futures rising by 0.2%, spot gold increasing by 0.17%, COMEX silver futures up by 7.88%, spot silver rising by 5.66%, and NYMEX platinum futures gaining 4% [9]. Market Analysis - UBS warned that the rapid increase in precious metal prices is largely due to insufficient market liquidity, indicating a potential for a swift decline [11]. - Analysts from Capital Economics noted that the current prices of precious metals have risen to levels that are difficult to justify based on fundamentals, predicting that silver prices could fall to around $42 per ounce by the end of next year [11]. - Hu Long Futures suggested that silver is currently outperforming gold, with higher short-term volatility and amplitude. They indicated that the silver market is in a "frenzy stage," advising ordinary investors against hasty participation [11].